Use budget to Brexit-proof economy, Deloitte urges

The forthcoming budget should be used to 'Brexit-proof' the State, improve its competitiveness, and bolster support for SMEs and entrepreneurs, says accountancy firm Deloitte.

In a Budget 2019 submission, the firm cautions against adopting more onerous controlled foreign company rules than those required under the EU's anti-tax avoidance directive, which must be transposed into Irish law by January 1st 2019.

Deloitte also calls for extending the so-called ‘knowledge development box’ beyond 2020, and further enhancing the Republic’s research and development (R&D) tax credit regime.

To aid Irish entrepreneurs, the Government is urged to bring tax relief and the Employment Incentive and Investment Scheme (EIIS) in line with UK equivalents.

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Extension

Deloitte also calls for the extension of the Key Employee Engagement Programme (KEEP) to employers who do not meet SME thresholds and extending certification under the Special Assignee Relief Programme .

In terms of housing, the firm urges immediate action to keep existing landlords in the market and attract new ones, in part through incentives that include making the Local Property Tax, tax deductible.

"In our report we focus on a number of suggested measures including how to tackle infrastructure and housing supply, how to support indigenous businesses, entrepreneurs and serial entrepreneurship in Ireland, in addition to responding appropriately to international tax developments and reform," said Lorraine Griffin, head of tax at Deloitte.